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Could you explain to me what it means to have better Sharpe Ratio in Equal Weight portfolio than tangency portfolio (max sharpe). Thank you.

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The Max Sharpe Ratio portfolio is determined ex-ante, using past data available at time t (say the previous 10 years returns and covariances). It is optimal given that data.

At time t two people invest: A invests in the Max Sharpe Ratio portfolio and B invests in the Equal Weighted Portfolio. At time $T > t$ we compare the results: it is possible that (ex-post) the Sharpe ratio of B turned out bigger than the Sharpe ratio of A.

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